NEWS

March 2024

PRADA GROUP: VERY POSITIVE Q4 ENDS A YEAR OF STRONG PROGRESS AND RESULTS, FULLY DELIVERING ON AMBITIONS

Milan, March 7th, 2024 - The Prada S.p.A. Board of Directors reviewed and approved today the consolidated financial results for the full year ended 31 December 2023.

Key highlights (growth percentage at constant currency)

  • Net Revenues of €4.7 bln, up 17% yoy, fueled by high desirability of both Prada and Miu Miu
  • Retail Sales of €4.2 bln, up 17% yoy, with strong Q4 up 17% yoy
  • Consistent delivery with 12 consecutive quarters of high-quality like-for-like growth
  • Another year of double-digit, above-market Retail growth for Prada at +12% yoy
  • Exceptional momentum for Miu Miu with Retail growth at +58% yoy
  • Outstanding performance in Japan, followed by Asia Pacific and Europe
  • Further profitability improvement with EBIT Margin at 22.5%, €1.1 bln
  • Group Net Income up 44% yoy, €671 mln
  • Net Cash Position of €197 mln, after €759 mln of capex cash-out, including strategic real estate investments
  • Solid progress on the strategic, organisational and digital evolution of the Group

 

Patrizio Bertelli, Prada Group Chairman and Executive Director, commented:

“We are pleased with the strong results achieved in 2023, underpinned by our brands’ desirability. The Group delivered high-quality growth in revenue and profits, building on outstanding creative momentum, further improving its profitability, and stepping up investments to support the growth of tomorrow.”

“Innovation, dynamism, and flexibility will be even more key to our success in 2024, and I am confident that our reinforced organisation will be able to further evolve the Group.”

 

Andrea Guerra, Group Chief Executive Officer, added:

“We have successfully delivered on our ambitions in 2023, with excellent performance achieved consistently through the year, as brand desirability grows stronger fuelled by a combination of product, communication, and retail initiatives. Retail productivity and profitability improved for the third consecutive year, thanks to once again strong double-digit, like-for-like growth.”

“Looking ahead, we are mindful of this high comparison base as well as persisting macro and geopolitical uncertainties. Against this backdrop, our priority for 2024 remains to drive brand desirability and retail excellence further. As with 2023, while quarterly growth trajectory may not be linear through the year, we retain our firm ambition of delivering solid, sustainable, above-market growth.”

PRESS RELEASE
PRADA GROUP: VERY POSITIVE Q4 ENDS A YEAR OF STRONG PROGRESS AND RESULTS, FULLY DELIVERING ON AMBITIONS